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Sammishel
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 Posted: Tue Jun 23, 2009 1:18 pm Post subject: Transfer an old loan to a new loan |
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I have a similar question although not quite the same. I have a property that I rent about 88 miles from where I currently live. My renters will most likely try to buy a house next tax season. Actually i am thinking about asking them to buy mine w/o the messy 6% rate for a realtor. Anyway, I would like to sell my property and buy one here. Has anyone heard of a "short sale," where the money that is still owed on the property is transferred to the new loan for the new property. So if I still owed 50K on the old proeprty. If I bought a new homes for 200K,the mortgage compnay who then make it 250K. That way they still get their money and everyone (sort of b/c I'm still losing) is happy.
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 Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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| Posted: Tue Jun 23, 2009 10:21 pm Post subject: |
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Sammishel
Welcoem to the forum
I am not sure if such kind of loan programs exists any more.
Good luck |
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jenkin7
Joined: 04 Jun 2007
Posts: 3429
Location: Hawaii
514.13 Dollars($)
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| Posted: Wed Jun 24, 2009 12:08 am Post subject: |
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Hi Sammishel,
It is not possible for you to include an existing loan balance into a new mortgage. It could have been possible if you had refinanced the property. But in this case, you are trying to sell the property and buy a new one. The existing mortgage is secured by your current property, while the new mortgage will have the new house as its collateral. The old mortgage balance cannot be wrapped into the new home loan.
A short sale is a different thing. Here, the lender allows the borrower to sell his property at a price which is less than the actual amount owed on the mortgage. The borrower, however, has to pay off the difference between what he owes on the loan and what the house is short sold for. The borrower is not allowed to include this difference in a new mortgage on a new property. |
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Guest
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| Posted: Fri Jun 26, 2009 9:16 am Post subject: |
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There refinance is option for this ?
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savior70
Joined: 25 Mar 2009
Posts: 1422
Location: Florida
168.75 Dollars($)
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| Posted: Thu Jul 02, 2009 4:47 am Post subject: |
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Hi
If the property is refinanced, the balance loan amount on the existing mortgage can be wrapped into the new mortgage. But there has to be enough equity in the property in order to do so. Given the situation here, the borrower is planning to leave the property to purchase a new one and a refinance will not help him. |
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